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Alibaba announced huge sales growth

Alibaba shares hit a record high after it announced huge sales growth in its first earnings release since the Chinese ecommerce company listed on the New York Stock Exchange in September.

The company defied a slump in retail sales in its home market to deliver better than expected revenues and profits in the quarter ending September 30.

The sharp increase in gross merchandise value transacted on Alibaba, which acts as a middleman between sellers and buyers, was notable because it took place against the backdrop of a struggling retail market.